AI
Wednesday, February 20, 2013 4:25:18 PM
MWIP Chart..: take a look @ yesterday's candle......the upper tail/shadow hits just above the closing price on the 12th.....
it's the CLOSING price, not high of day, that forms support & resistance levels......some beg to differ, but look at this chart.......
the closing price on the 12th was the highest closing price for MWIP on this breakout......MWIP traded above this level yesterday, but failed to close above it......
what formed was a DOUBLE TOP.......when MWIP failed to make new high closing price the double top was formed......
should of pointed this out yesterday, but I thought the Double top would actually form today w/ another attempt to trade higher than the 12th........
the declining vol. was a clue that the buyers were tiring.......on bounce radar now........$$$
it's the CLOSING price, not high of day, that forms support & resistance levels......some beg to differ, but look at this chart.......
the closing price on the 12th was the highest closing price for MWIP on this breakout......MWIP traded above this level yesterday, but failed to close above it......
what formed was a DOUBLE TOP.......when MWIP failed to make new high closing price the double top was formed......
should of pointed this out yesterday, but I thought the Double top would actually form today w/ another attempt to trade higher than the 12th........
the declining vol. was a clue that the buyers were tiring.......on bounce radar now........$$$
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